GE Real Estate buys Madrid logistics project for €80m

The firm’s Iberian arm has bought the six-warehouse project from Catalan firm Llonch Associates.

GE Real Estate Iberia has purchased a 110,000 square meter logistics development from Catalan firm Llonch Associates for approximately €80 million ($108 million).

Llonch has been developing the scheme in the town of Vilarrodona, 80 km from Barcelona.  The project is composed of six logistics warehouses with a total of 110,000 square meters of floor space and is situated alongside the AP2 motorway in the Tarragona town of Vilarrodona.

The project, which is currently under construction and is scheduled for delivery in summer 2008, is being designed and constructed by Coperfil Construcción, GE Real Estate’s preferred partner for industrial projects in the Iberia region.

GE Real Estate already has an asset base of 95,000 square meters in the Barcelona industrial market, following the acquisition of the Landscape mixed use portfolio in January.

“The growing demand for industrial and logistics assets, due to the scarcity of industrial premises and the relative stability of the sector, makes this acquisition a strategic move to further our growth in Catalonia,” said GE Real Estate Iberia director Xabier Barrondo in a statement. |This transaction not only doubles the size of our industrial/logistics portfolio in Barcelona but also consolidates our holdings in the region, creating a total of 300,000 sq m of logistics and office assets.”